OLINT and Lewfam Lose Appeal

Investment club Olint, has lost its appeal in the case it brought against the Financial Services Commission (FSC) in the Supreme Court.

The court also dismissed the appeal of Neil Lewis and Janice Lewis of Lewfam Investments who were also having their appeal heard against the cease and desist orders issued by the FSC last year.

The cease and desist orders had instructed Olint and Lewfam to stop conducting securities and investment advice businesses until the requisite licenses had been acquired. This afternoon Supreme Court judge, Justice Norma McIntosh ruled in favour of the FSC.

Olint had obtained an order from the Supreme Court which allowed it to continue its business with the existing members until the court made a ruling in the matter.

In its appeal the investment club contended that there was no need for it to be regulated as it does not deal in securities but strictly in foreign exchange. However the FSC argued that it has the authority to regulate Olint because it was engaged in the business of investment.

Deputy Director of the FSC, George Roper has described today’s ruling as having significant implications for the financial sector.